The International Energy Agency, or IEA, is predicting a growth in global oil demand in 2013, a growth led by a resurgent Chinese economy. The Paris-based intergovernmental agency predicts that average world oil demand this year will shoot up by 930,000 barrels per day from 2012 levels.
The market's immediate response wasn't surprising. As expected, global crude oil prices inched higher, and the West Texas Intermediate futures hit a 17-week high. The IEA now forecasts global demand to average 90.8 million barrels per day in 2013...............................................Full Article: Source